Never miss an update

Grabbers Women's Literush Slip-On Oxford mogochinese-29233 Oxford Literush Black EVA Slip-on Shoes fc8cef3

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Brand: Grabbers
Color: Black EVA Style: 838917_1846667
Never miss an update

Grabbers Women's Literush Slip-On Oxford mogochinese-29233 Oxford Literush Black EVA Slip-on Shoes fc8cef3 -

    Grabbers Women's Literush Slip-On Oxford mogochinese-29233 Oxford Literush Black EVA Slip-on Shoes fc8cef3
    Grabbers Women's Literush Slip-On Oxford mogochinese-29233 Oxford Literush Black EVA Slip-on Shoes fc8cef3
    Troentorp Bastad Swedish Clogs: Wright, Loden Green, Size 36Rocky Women 234 Black SlipStop Oxford Shoes Work / Dress / Profession 5 M NEW , NEW NIB Sanita Original Professional Cobble Dark Brown Women's Clogs Size 35 / 5 , Rocky Women's 211-8 Non-Gloss Oxford Shoes Work / Dress / Professional NEW 7M , Sanita Professional PU Womens Clogs Womens Shoes workshoes shoes antislip - NEW , Dansko Professional Orange Brown Snake Print Leather Clogs Shoes 37/7USAlgeria Black Shimmer Suede Leather Nursing Clog Slide Shoes Women Size 38 / 8.5Dansko Black Clog Mules Size 38 Work Career Nursing Leather Support WalkingA2 by Aerosoles Women's Midday Slide Dark Tan Fabric Comfort ShoesAlegria Women's Joleen Tar Tooled Loafers Shoes EURO 40Steve Madden Women's Hilary Mule Silver Leather MulesWomen's Sanita Brown Clog Boots Size 38 EUR (7/7.5 USA)Rocky Women 234 Black SlipStop Oxford Shoes Work / Dress / Profession 7.5 W NEW , Easy Street Women's Cleveland Mule Grey Polyurethane Mules , Dansko Womens Shannon Mule Clog Shoes Sz 6.5 - 7 / 37 Natural Milled Tan Nubuck , Franco Sarto Women's Ramy 2 Slide Blue Winter Tweed Fabric Slides , Alegria PG Lite Black Leather DAY-561 Mary Jane Shoes Wmns ~ 10/11 ~NICEAzura Women's Fleurde Loafer Grey Micro Suede Loafers , Lucky Brand Women's Hegen Fringe Slide Lapis Oil Suede SlidesNine West Women's Wild Girls Loafer Silver/Red Metallic Loafers , Easy Spirit Women's Chatt Slingback Black Comfort ShoesPatricia Green Women's Sally Pouf Slipper Pink Microsuede/Faux Fur Pouf Slippers , Rocky Women 234 Black SlipStop Oxford Shoes Work / Dress / Profession 5.5 M NEWCrocs Women's Capri Shimmer Cross-Band Slide Black/Black SlidesKlogs Footwear Naples Professional Nursing Shoe Aviary Patent Size 8.5 , Franco Sarto Women's Hudley Loafer Nimbus Grey Fabric LoafersWhite Mountain Women's Gwinnett Slide Sandal Brown Leather Slides , Franco Sarto Women's Celeste Penny Loafer Black Stretch Mesh/Soft Nappa LoafersSanita Womens Size 38 Black Clogs Patent Leather Nursing Shoes ,
    Grabbers Women's Literush Slip-On Oxford mogochinese-29233 Oxford Literush Black EVA Slip-on Shoes fc8cef3 ->Grabbers Women's Literush Slip-On Oxford mogochinese-29233 Oxford Literush Black EVA Slip-on Shoes fc8cef3 -
    Celine NWOT Black Leather Knee High "Heritage" Boots SZ 37.5BEAUTIFEEL WOMEN'S CAROLINE DRESSY LOW HEEL SHOEBrand New Authentic Soludos Ciao Bella Platform Size US 7.5New GUESS GOLD Heel 5 inches Gorgeous & Sexy by Marciano , Gentleman/Lady LOAFER-04 Black PU White Strong heat and wear resistance Trendy comfortable , Ecco Womens Flat /10-- Pick SZ/Color.Batsanis Stylish Theatrical Patterned Black Shoes - Dancing Shoes , Prada Beige Suede Pointy Toe Studded Bow Eyelet Slides Kitten Heels Sz 9.5 39.5 , New sz 6 / 36 Alexander McQueen Grey Leather T strap Platform Sandal Pump Shoes , Skechers Sport Women's Gratis Bungee Fashion SneakerSTEVE MADDEN Dazzle Women Rhinestone DAZZ01S1Spring Step Women's Gerberas Heeled Sandal , Nike Blazer Hi SP Mowax 'Build and Destroy' Men Sneaker Black 718768 008Nike Zoom Rival S 8 Running Men's Shoes Size 8.5 , adidas Originals Boy's GAZELLE FASHION SHOES - BB2525MEN'S NIKE AIR ZOOM PEGASUS 34 FLYEASE 4E 904676 004 SIZE 7.5~13 , DC Pure High Top WC Black White Blue Mens Leather TrainersClarks Men's UnNature Time Sneaker Dark Brown Leather/Synthetic , M1222SG New Balance M1222 Men's Running ShoeNike Air Jordan 11 72-10 DS w/ Damage Mark XI Retro With Receipt 7210 378037-002 , Men's Side Zip High Top Brogue British Slip On Chelsea Ankle Boots Casual ShoesADIDAS SUPER APE STAR SUPERSTAR BATHING BAPE ULTRA BOOST WHITE BLACK 040061 11.5 , Donald J Pliner Mens Veba2-CL Slip On Driving Shoe , Florsheim Men's Lakeside Ox Oxford - Choose SZ/ColorModello Bluto - Handmade Colorful Italian Leather Monk Shoes BlueFila Disruptor 2 Women size 7 US , Mephisto Yael Run-Off Sneakers Athletic Shoes Sz 40 US 10 Black Leather NEW $235Salomon Women's Ellipse 3 ClimaShield Waterproof Shoe Shadow Water ShoesB.O.C. by Born Z20657 Delavigne Coffee Ankle Boots with Strap and Buckle Accent , Australia Luxe Collective Boots Cozy Short Black Suede/Shearling Sz:10 $190 NWOB
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    Grabbers Women's Literush Slip-On Oxford mogochinese-29233 Oxford Literush Black EVA Slip-on Shoes fc8cef3 -

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    Grabbers Women's Literush Slip-On Oxford mogochinese-29233 Oxford Literush Black EVA Slip-on Shoes fc8cef3 -

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.


    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?


    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    Grabbers Women's Literush Slip-On Oxford mogochinese-29233 Oxford Literush Black EVA Slip-on Shoes fc8cef3
    Comfort Shoes